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WASHINGTON – Today, House Committee on Small Business Chairman Steve Chabot (R-OH) released the following statement in support of Subcommittee Chairman on Contracting and Workforce Steve Knight’s (R-CA) bill, the Accelerated Payments for Small Businesses Act, encouraging federal agencies to make payments to small business prime contractors within 15 days of sending an invoice:

“While the Office of Management and Budget's (OMB) accelerated policy of making sure small businesses get paid by the federal government within 15 days was a critical decision, we now need to ensure it stays in place. That way, small business prime contractors and prime contractors that subcontract with small businesses can continue to do business and not pass on any unnecessary costs to the taxpayer. I’d like to thank Subcommittee Chairman Knight and my colleagues for their work on this vital piece of legislation.”

“Small business contractors rely on a consistent and reliable flow of income in order to keep their operations running smoothly. The Accelerated Pay for Small Business Act will help to ensure these businesses receive their payments in a timely and accountable manner. This consistency will enable businesses to focus on improving their services and expanding production. I want to thank Congressman Espaillat, Chairman Chabot, and Ranking Member Velazquez for their help in introducing this bipartisan legislation,” said Knight.

Chairman Chabot, Ranking Member Velazquez (D-NY) and Rep. Adriano Espaillat (D-NY) are all original co-sponsors of the Accelerated Payments for Small Businesses Act.

Chairman Chabot and Ranking Member Velazquez also sent a letter to OMB Director Mick Mulvaney in December 2017 requesting the agency continue to direct agencies to make accelerated payments -- within a goal of 15 days -- to small business prime contractors and other-than-small prime contractors that subcontract with small businesses, instead of the mandatory 30 days required under the Prompt Payment Act.

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